Three years ago GomSpace was raising money at SEK 1.30 a share just to survive. On 5 November the Danish company reported another profitable quarter and set a target it has never had before: SEK 1.6bn in revenue by 2030. It is a turnaround few European space companies can match.
The third quarter in numbers
According to the company, revenue was SEK 130.4m, up 17% year on year. Profit grew faster than sales: EBITDA rose 68% to SEK 18.6m and operating profit rose 2.6-fold. Order intake doubled to SEK 119.7m.
| Metric (SEK m) | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Revenue | 130.4 | 111.7 | +17% |
| EBITDA | 18.6 | 11.1 | +68% |
| EBITDA margin | 14.3% | 9.9% | +4.4 pts |
| Operating profit (EBIT) | 8.6 | 3.3 | +157% |
| Order intake | 119.7 | 58.5 | +104% |
Over nine months revenue was SEK 369.8m (+25%) and EBITDA SEK 44.2m (+64%). Earnings per share were SEK 0.24, against a loss of SEK 0.14 a year earlier.
The strongest number is the margin. It has risen every quarter this year: 8.8% in the first, 12.7% in the second and 14.3% in the third, according to the first-quarter and first-half reports.
Guidance: a focus on profit
GomSpace has refined its 2026 outlook. Revenue is expected in the lower part of the SEK 540–600m range. The EBITDA margin should be towards the top of 10–12%, up from a lower bound of 5% in January, according to the company. Even the bottom of the range means growth of at least 22% on 2025.
Free cash flow remains negative as the company invests in production capacity and technology. It is still collecting a large receivable from one customer, is confident it will be paid, and is meanwhile reusing some products on other projects.
The 2030 target
The new target is SEK 1.6bn in revenue and an EBITDA margin above 20% by 2030, according to GomSpace. The base is revenue over the past 12 months, SEK 515m, so the target implies at least 30% growth a year. That is twice the pace of the small satellite market, which Extrapolate expects to grow by 14.2% a year.
The plan rests on four business units: products and satellite systems, missions for ESA and science, North America, and national and defence solutions. The last of these is the biggest opportunity, as European armed forces look for fast, affordable satellites for surveillance and communications.
Promises kept
Ambitious targets sound more convincing when a company delivers on smaller ones. GomSpace promised 2025 revenue in the upper half of SEK 420–450m and reported SEK 441.8m, its annual report shows. It also delivered on its promise of a better 2020, and it is now raising its margin outlook for 2026.
Who pays
The growth has an anchor: the fund of British billionaire Peter Hargreaves owns about 41% of GomSpace and is financing its expansion. Customers are paying for ever larger projects.
| Who pays | To whom | For what | How much | Source |
|---|---|---|---|---|
| Peter Hargreaves's fund | GomSpace | Directed share issue, March 2025 | SEK 196m at SEK 7.00 a share | Cision |
| Peter Hargreaves | GomSpace | Five-year credit facility, July 2025 | €18m | Placera |
| Unnamed European company | GomSpace | 18 satellites for a demonstration mission | €19.5m | Via Satellite |
| Unseenlabs | GomSpace | Two more satellites for its constellation | SEK 22m | SpaceWatch.Global |
From Aalborg to the asteroids
GomSpace does not only build CubeSats for Earth orbit. It operates the Juventas CubeSat on the Hera mission, which will use radar to look inside the asteroid Dimorphos. We covered Hera's first images here. The company has also been chosen for RAMSES, ESA's next planetary mission, which will meet the asteroid Apophis in 2029. In our analysis of Europe's satellite makers we showed how much Europe's capacity depends on small, fast players. GomSpace is one of the best examples.
Our view
GomSpace is one of the few European space companies that are growing and making a profit at the same time. Its margin improves every quarter, third-quarter orders doubled, and the management team under Carsten Drachmann keeps its promises. The SEK 1.6bn target is ambitious and will take large defence contracts, but the company has already shown it can turn a near-collapse into profitable growth in three years. The next test is the full-year report on 17 February. If the fourth quarter confirms the trend, 2027 could be the year GomSpace starts generating cash as well as profit.
This article is for information only and is not investment advice.